Yesterday we wrote “Though the next support is at 5600 it could go down further on account of Political climate.”

The market moved up sharply in the morning but the went down to close in red after a report that the Samajwadi Party may withdraw its support to the Congress led UPA government. SP has 22 MPs in Lok Saha and BSP has 21 MPs.

After The DMK withdrew its support to the Congress led UPA government, the market has lost all its charm. Incidentally in its DMK executive, the DMK decided not to extend even outside support to the UPA. Right now the market climate is not that great and bulls should avoid the market till clarity emerges.